Healthy outlook for hybrids


Investors bemoaning the lack of high-grade corporate bond supply are taking some cheer from the prospect of more hybrid transactions entering the market. French media and technology firm Thomson's EUR500 million 5.85% deal in mid-September became one of the first investment-grade primary deals since August, and the sixth hybrid deal since June.

A raft of corporates have taken advantage of the fact that hybrid debt, which has features of both debt and equity capital, is a cheaper instrument to

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